Wealth Enhancement Advisory Services LLC Has $896,000 Stock Holdings in Agree Realty Corporation (NYSE:ADC)

Wealth Enhancement Advisory Services LLC boosted its stake in Agree Realty Corporation (NYSE:ADC) by 4.5% in the first quarter, Holdings Channel reports. The institutional investor owned 11,609 shares of the real estate investment trust’s stock after acquiring an additional 504 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Agree Realty were worth $896,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ADC. Vanguard Group Inc. increased its stake in shares of Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after acquiring an additional 219,806 shares during the last quarter. Cohen & Steers Inc. increased its position in Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after purchasing an additional 2,937,147 shares during the last quarter. Invesco Ltd. raised its stake in shares of Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after purchasing an additional 1,020,512 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Agree Realty by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust’s stock valued at $150,255,000 after buying an additional 57,492 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Agree Realty by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock valued at $115,936,000 after buying an additional 57,297 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the topic of several recent research reports. Wells Fargo & Company raised their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. UBS Group cut their price target on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research note on Wednesday, April 23rd. Truist Financial increased their target price on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Finally, Barclays set a $77.00 target price on Agree Realty and gave the company an “equal weight” rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $80.96.

Agree Realty Stock Down 1.0%

ADC stock opened at $72.08 on Thursday. The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of 40.72, a price-to-earnings-growth ratio of 2.31 and a beta of 0.54. The company has a 50-day moving average of $74.84 and a two-hundred day moving average of $73.86. Agree Realty Corporation has a 52-week low of $61.34 and a 52-week high of $79.65. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The business had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter in the previous year, the firm earned $0.43 EPS. As a group, equities research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.256 per share. The ex-dividend date is Monday, June 30th. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio (DPR) is presently 173.45%.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.